§ 206.117 - General.

Latest version.

§ 206.117 General.
The Secretary Commissioner is required by statute to take any action necessary to provide a mortgagor borrower with funds to which the mortgagor borrower is entitled under the mortgage and which the mortgagor borrower does not receive because of the default of the mortgagee. The Secretary Commissioner may hold a second mortgage to secure repayment by the mortgagor borrower under § 206.27(d) or may . Where the Commissioner does not hold a second mortgage, but makes a payment to the borrower, and such payment is not reimbursed by the mortgagee, the Commissioner shall accept assignment of the first mortgage.
[61 FR 49033, Sept. 17, 1996]

                    
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§ 206.117 - General.

§ 206.117 General.